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Diary of a Fintech startup founder: Rachael Namiiro - PaidYou


Updated 21 April 22



Founder: Rachael Namiiro

Occupation: Management Accountant

Startup: Fin-tech

Over the past 3 months, I embarked on the  journey of becoming a tech entrepreneur and founder.  I had an idea for an app and spent a few weeks scouring the net for existing alternatives to the problem I was looking to solve. However, I couldn’t find one.

I started planning my next move, but it soon became clear that my biggest hurdle was the fact that all I had was an idea - no cofounder and no serious capital to make a start on my own.

The search for investment

Initially, I considered going down the angel investment route. However, having taken this path before, I was aware how rare it is to find angel investors willing to provide the level of investment  and support required to give your idea the best chance of success. This is because 90% of early stage startups fail, and so my proposal was highly risky.

My next option was pitching to a handful of pre-seed tech investing companies, but this came with its own issues. These included...

  • Needing a pre-revenue product
  • A mandatory referral from someone in the company’s network
  • Required technical ability or domain expertise
  • The ability to take 6 months off work to join their startup programme

My options were shrinking with every search.

Discovering We Are Nova

When I came across the unique We Are Nova Cofoundery offering, I was delighted. I stalked their website, read their tweets and blogs, and watched their Youtube videos. Why did I obsess to this level?  I believe it’s vital to start your tech entrepreneur journey with a co-founder who is passionate about what they do. One that can engage with you, who’s culture and approach you can buy into, and will be hungry for your success.

The mentoring process during Nova’s Startup School (which helps you explore and build upon your idea) was attractive, valuable and free. From the get go, I quickly realised I was part of a wider team willing me forward, challenging me and looking at my ideas from different vantage points.

The distant mentoring they offered also worked for me because it provided the much-needed flexibility I was after. My mentor Rebecca Stockdale was at the end of the phone and available for skype calls, so I never felt disconnected. I also only had to commit to one day a week to working on my startup idea which provided further flexibility to fit it around my normal working week.

Was it all worth it?

The opportunity to work with We Are Nova to pitch and secure funding from their investors is something you shouldn’t miss out on. Working with their experienced multifaceted team to build and grow my idea into a successful tech business has been an amazing experience.

To learn more about the journey our founders take, read about our process here.

Ready to start your startup? Sign up to our free mentorship programme today.




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